Danske Bank out of Russia and the Baltics

A damning report from the authorities in Estonia has Danske Bank in full retreat from the area with its tail between its legs

Where it all happened – or did it? (photo: Pjotr Mahhonin)

February 20th, 2019 10:45 am| by Stephen Gadd

Estonia’s official financial watchdog has announced that it has ordered Danske Bank to close its branch in Tallinn. The bank has been given eight months to wind up its activities.

The Tallinn branch has been at the heart of the money-laundering activities that has seen around 1.5 trillion kroner passing through between 2007 and 2015.

Lay down thy burdens
In what some might consider to be something of an understatement, Danske Bank’s acting administrative director Jesper Nielsen said: “we recognise that the serious case of possible money-laundering in Estonia has been a burden on Estonian society and with that background, the Estonian authorities think it best that we cease our banking activities in that country.”